Despite all the talk of the Canadian economy in tatters as oil prices tumble, I focus on price and limit my risk. Catastrophic events happen causing erratic behaviour in the markets. But all things being equal, the charts are telling me there is a good chance that USDCAD will fall from 1.51800. Again, low risk, high potential reward is what I look for. I make...
basic textbook setup. price has retraced into a key resistance level which also has 2 fibs lined up with it aswell (38.2% and 61.8%). double top has now formed and price has bounce off the Resistance forming a pin bar/inverted hammer. Target at the neckline of double top.
I have been following GBPUSD since the last week in February (24/02/2015) and got in on a short (with a limit order filled on 26/02/2015) of the pair @ ~1.55500. I racked up 140 pips by the end of day but I locked in 110 pips and let the market kick me out. The market is moving back towards the bigger picture demand zone below @ ~1.52480 which should see a...